Important achievements from across our portfolio of companies helped drive record revenue and continued success in the opening months of 2019.
Medical Marijuana, Inc. and our portfolio of companies and investments continued our upward trend in the first fiscal quarter of 2019, tallying record revenue from January to March. Medical Marijuana, Inc.’s Q1 2019 revenue exceeded $20.2 million, an increase of more than 92% over Q1 2018. Net Ordinary Income for the period exceeded $1.5 million, our best result in ordinary income in company history.
“In Q1 2019 we had the best revenue quarter in the history of our Company,” said Medical Marijuana, Inc. CEO Dr. Stuart Titus. “We are humbled to see the immense growth our company has experienced as the world continues to open up to the benefits of hemp-derived CBD.”
FIRST QUARTER 2019 FINANCIAL RESULTS
Gross Revenue:
Q1 2018 – $10.5 million
Q1 2019 – $20.2 million
Gross Profit:
Q1 2018 – $3.3 million
Q1 2019 – $15.8 million
Net Ordinary Income:
Q1 2019 – $1.5 million
“As Medical Marijuana, Inc. once again experiences its best quarter ever, it showcases the increasing demand for premium hemp CBD across the globe,” said Medical Marijuana, Inc. COO Blake Schroeder. “We are proud to continue finding innovative ways to provide consumers with a wide variety of high-quality hemp CBD products.”
Medical Marijuana, Inc. celebrated a number of significant achievements in the first three months of 2019, driving record revenue and helping further CBD acceptance and access to CBD products around the world.
Keep reading for our biggest highlights from our first three months of 2019.
10 Year Anniversary
In March, Medical Marijuana, Inc. our tenth anniversary as a company. During this time of celebration, we looked back on our first ten years, including the many innovations that have made us A Company of Firsts®, including becoming the first publicly traded cannabis company in the US, the introduction of the first CBD hemp oil consumer products, the creation of the strictest quality control measures in the industry, our spearheading of CBD access for patients in countries like Brazil, Mexico, Paraguay, and Argentina, and advocating for CBD on an international level at the World Health Organization.
During our 10 year anniversary celebration, we also thanked those CBD families whose sacrifices have made an impact on our family of companies over the past ten years. By giving us a purpose each day, these families help drive our mission to expand access to safe, reliable CBD products to patients and consumers around the world.
The cannabis industry has changed immensely over the past 10 years. Medical Marijuana, Inc. is excited to be part of this rapidly developing industry and our role as a leader in the CBD market.
Our CBD Products First Listed in Prescribers’ Digital Reference
To achieve our mission of expanded access to cannabinoid products, Medical Marijuana, Inc. works for a greater understanding among consumers, lawmakers, and the medical community regarding the difference quality CBD products can make in the lives of those who use them.
In February, we announced that HempMeds® Real Scientific Hemp Oil™ (RSHO™) Gold Label and Kannaway® Pure Gold hemp-derived CBD products had become the first two hemp-derived CBD products to be listed in the Prescribers’ Digital Reference® (also known as Physicians’ Desk Reference or PDR).
The Prescribers’ Digital Reference delivers comprehensive and innovative knowledge on the health industry’s products and services to support the prescribing decisions of health professionals. This inclusion of Medical Marijuana, Inc. CBD products in the PDR is an important milestone for CBD as it gains acceptance by the medical community as a health and wellness compound. You can find the entries in the PDR for our CBD products here.
Our Hemp Products Certified for Outstanding Quality
Since our beginning, Medical Marijuana, Inc. and our subsidiaries have focused on creating only top quality products, holding them to our strict manufacturing and safety standards. In the first quarter of 2019, our quality standards were recognized by the U.S. hemp industry’s first certifying body.
The U.S. Hemp Authority has awarded companies and brands in our portfolio with their Certification Seal, once again confirming the high quality of our line of hemp and CBD products. In total, the organization presented 13 of their Certification Seals to hemp and CBD businesses in this first round of approvals, including to Kannaway, HempMeds®, and Dixie Botanicals® products.
The U.S. Hemp Authority Certification Program is administered by experienced quality assurance and verification professionals from industry-leading food and agricultural companies. To receive organization’s seal, companies must have met several stringent industry standards laid out for quality and safety. This is the first ever quality certification program for CBD products, and its creation ushers in a new era of product transparency in CBD products.
New Products
To stay competitive in the CBD market and to ensure our customers have CBD products to fit their needs, Medical Marijuana, Inc. and our subsidiary companies are always working to expand the reach of our brands by introducing new hemp and CBD products to the market.
Early in January, Medical Marijuana, Inc. subsidiary HempMeds® introduced its new Real Scientific Hemp Oil™ Maximum Strength. This new product is our company’s most potent full-spectrum product, containing 4,500 mg of CBD in each 10-gram oral applicator, a whopping 45% CBD. RSHO™ Max Strength features both CBD and its raw form CBDa. This is due to its proprietary blend of premium RSHO™ hemp oils, including RSHO™ Green Label raw CBD oil and RSHO™ Gold decarboxylated and filtered CBD oil.
You can find RSHO™ Maximum Strength now in the Medical Marijuana, Inc. store.
HempMeds® also launched its new Personal Care line of products at the Natural Products Expo West event in March. The new HempMeds® product line is comprised of four bath products expertly formulated with botanical extracts like jojoba, goji berry, peppermint, and licorice root and our nourishing hemp oil extract. The company’s Personal Care Line features shampoo, conditioner, body wash, and body lotion for a complete CBD bath experience.
You can find the HempMeds® Personal Care line and other great CBD topicals here.
International CBD Events
Medical Marijuana, Inc. subsidiary HempMeds® Brasil hosted a number of educational events for doctors in the country with the aim of giving them the information they need to confidently prescribe CBD for their patients, including how CBD interacts with the body, different treatment options using CBD, and how CBD can benefit their patients. This included events in Q1 at the company’s headquarters in São Paulo and in the city of Salvador, Bahia.
Also in Q1, our subsidiary Kannaway held its Hemp for Humanity event in Vienna, Austria. The event was hosted with the intention of promoting hemp and CBD products like those from Kannaway to consumers in the European Union. At the event, CBD advocates, Kannaway executive, and the company’s top performing Brand Ambassadors spoke on a range of topics from the benefits of hemp for the planet, to the promising effects of CBD, to ways that citizens in the EU can enter the hemp and CBD market in Europe for themselves.
Events like these from HempMeds® Brasil and Kannaway are critical in educating people around the world on how CBD can make an impact on their lives and the lives of those they care about.
New Distribution Partnerships
In early February, HempMeds® partnered with Mr. Checkout to distribute their line of CBD products to consumers through its network of thousands of national and independent retailers, including natural grocery and health stores, vitamin retail outlets and pharmacies.
Established in 1989, Mr. Checkout is a national group of independent direct store delivery distributors, full-line grocery distributors and wagon-jobbers, representing products at over 60 major retailers.
HempMeds® also secured a partnership with 39 other retailers in the first quarter of 2019 to sell its line of CBD products, including major retailer Shopaholic Boutique, Inc. These increased distribution channels will put Medical Marijuana, Inc. products in front of more customers than ever before.
Stay in the Know
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